M3-Brigade Acquisition Corp. names Reeve Collins as CEO

NEW YORK - M3-Brigade Acquisition V Corp. (NASDAQ: MBAVU, MBAV, MBAVW), a special purpose acquisition company with a market capitalization of $375.55 million, has announced a significant shift in its leadership and ownership structure. According to InvestingPro data, the company maintains a strong financial health score, positioning it well for this transition. The company disclosed that Reeve Collins, co-founder of Tether, has been appointed as the new chief executive officer following a transaction involving the purchase of shares and warrants by MI7 Sponsor, LLC and Collins.

In a deal totaling $6,467,500, MI7 Sponsor, LLC, affiliated with CC Capital, and Reeve Collins, referred to as the New Sponsor, acquired 7,187,500 Class B ordinary shares and 5,043,750 private placement warrants from the Original Sponsor, M3-Brigade Sponsor V LLC. Additionally, the New Sponsor is expected to purchase an additional 3,293,750 private placement warrants from Cantor Fitzgerald & Co.

With this change, M3-Brigade is setting its sights on identifying a business combination target within the digital assets sector. The company also plans to rebrand itself as CCRC Digital Assets Corp.

Alongside Collins, Chinh Chu, founder and senior managing director of CC Capital, has been named president of M3-Brigade. The board of directors has also welcomed two new members: Thomas L. Fairfield, CFO and COO of byNordic Acquisition Corp., and Edward Murphy, a seasoned finance executive.

Reeve Collins is recognized for his pioneering work in the digital asset space, including co-founding Tether, the first and most widely adopted stablecoin, and BLOCKv, a programmable NFT platform. Chinh Chu brings extensive private equity experience from his tenure at Blackstone and his role in creating five SPACs since 2016.

The press release emphasizes that this announcement does not constitute an offer to sell or a solicitation of an offer to buy securities. It also contains forward-looking statements regarding future business combinations and transactions, which are subject to risks and uncertainties.

This news is based on a press release statement and aims to provide investors with the key facts surrounding M3-Brigade’s recent developments and leadership changes. The company maintains a healthy current ratio of 1.26 and has demonstrated strong profitability with a remarkable return on equity. For deeper insights into M3-Brigade’s financial metrics and additional analysis, investors can access more exclusive data through InvestingPro, which offers comprehensive financial health indicators and forward-looking metrics.

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